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Colombia Reports Healthy Revenues From Wealth Tax

by Mike Godfrey, Tax-News.com, Washington

22 June 2015


The Colombian Government expects to raise COP5.4bn (USD2.1m) in revenue from the reformed tax on wealth this year, according to the Directorate of National Taxes and Customs (DIAN).

The tax agency said that taxpayers paid COP2.7bn in May and the remainder will be paid in September.

Between 2011 and 2015, the number of wealth tax contributors increased from 53,199 to 88,395, the DIAN said, and collections are up over 10 percent.

At the beginning of this year the Government reformed the wealth tax system. Under the new system, taxpayers with a net worth exceeding COP1bn (USD394,000) are subject to the tax, which is levied on a sliding scale with rates ranging from 0.125 percent to 1.5 percent.

TAGS: individuals | Wealth | tax | business | Colombia | tax rates | revenue statistics | tax reform | Tax

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